The 2011 Annual Economic Report (AER) on the European Union (EU) fishing fleet provides a comprehensive overview of the latest information available on the structure and economic performance of EU Member States fishing fleets. Results suggest that the total amount of income generated by the EU fishing fleet in 2009 (excluding Greece) was €6.8 billion. This amount consisted of just below €6.5 billion in fish sales, €36.9 million in fishing rights transactions, €99.8 million in non-fishing income, and €201.2 million in direct income subsidies. The total costs incurred by the EU fishing fleet in 2009 (excluding Greece) were €6.9 billion. This amount consisted of just below €2 billion in crew wages, €1.1 billion in fuel costs, €580 million in repair costs, €761 million in other variable costs, €898 million in fixed costs, €102 million in fishing rights costs, €243 million in unpaid labour, €854 million in depreciation costs and €353 million in opportunity costs (interest). The total amount of Gross Value Added (GVA), Operating cash flow (OCF) and economic profit/loss generated by the EU fishing fleet (excluding Greece) in 2009 was €3.13 billion (a 13% increase from 2008), €1.35 billion (a 12% increase from 2008) and €–99.5 million (a decrease of €207 million from 2008) respectively. Between 2002 and 2008, GVA as a proportion of total income steadily decreased from around 54% in 2002 to 42% in 2008, while between 2002 and 2007, OCF as a proportion of total income steadily decreased from around 22% in 2002 to 18% in 2007. Data for 2009 appears to have bucked these trends, with an increase in GVA as a proportion of total income from 42% in 2008 to 46% in 2009, and an increase in OCF as a proportion of total income from 18% in 2008 to 20% in 2009. Despite the increases in the GVA and OCF, the EU fleet as a whole moved into a loss making position once capital costs had been accounted for. When we remove direct income subsidies from the profit equation to calculate profits without direct income subsidies, the overall loss position is greater in 2009, from €-99.5 million (-1.5% of total income) to €-301 million (-4.6% of total income), while the EU fleet moves from an overall economic profit position to a loss making position in 2008, from €109 million (1.7% of total income) to €-103 million (-1.6% of total income).